What is the best way to write off a list of income on investment

[Joseph Pugliese]

I currently have an apartment that I didn’t receive rent for about 8 months ( eviction process)

When I asked my account (CPA) he informed me that we would not pickup the income on the property. So we are not paying any taxes on that income , that is fine and understandable .

My question i have is the following , is there a better way to write off the loss of income?

I would like to thank any advice in advance, as well for your time .

Respectfully

Joseph Pugliese

[Eamonn McElroy]

@Joseph Pugliese

If your business is accrual basis and previously accrued the revenue and included it in taxable income, yes you could write off the bad debts.

If cash basis, you don't get to write off revenue you never received as you never were taxed on it in the first place.

There are extremely limited exceptions to this, particularly if you're cash basis and recognized the revenue under constructive receipt, however I suspect your fact pattern is not that complicated.

You can deduct your normal operating expenses of the rental.

Your CPA is best equipped to help you deal with this.